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Highlights

  • Empire Metals raises £4.5 million via share subscription to bolster Pitfield titanium project.

  • New funds lift total cash reserves to £7.1 million.

  • Investment to support drilling expansion, metallurgical testing, and economic feasibility studies.

Empire Metals Ltd (LSE:EEE, OTCQB:EPMLF) has successfully raised £4.5 million through a share subscription agreement with institutional investors, marking a significant step forward in the development of its flagship Pitfield titanium project. 

The capital raise involves the issue of 47.36 million new ordinary shares at a price of 9.5 pence per share. Following the completion of the transaction, Empire Metals confirmed that its cash reserves have increased to £7.1 million.

Proceeds from the share subscription will be strategically directed towards expanding drilling operations at Pitfield. This will enable the company to complete a maiden mineral resource estimate — a key milestone in the project's development. Additionally, funds will support metallurgical testwork to better understand the processing characteristics of the titanium mineralisation and help accelerate ongoing economic studies aimed at evaluating the project’s commercial viability.

Empire Metals’ Managing Director Shaun Bunn welcomed this institutional backing, particularly from investors based in Asia and Australia. “The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings,” Bunn said in a statement.

He added that 2025 is shaping up to be a critical year for Empire, with momentum building around the Pitfield project. “Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium,” he said.

Titanium, a lightweight and corrosion-resistant metal, is considered essential for a range of advanced industries, including aerospace, defence, and clean energy. 

The successful funding round is expected to position Empire Metals for significant operational advancements in the coming months. The company plans to scale up field activities and accelerate key development studies, potentially bringing Pitfield closer to commercial realisation.